Financial Services AgencyFSA Weekly Review No.301

July 12, 2018

What’s New on the FSA Website

Week of July 2 - July 6, 2018

This page contains the latest in events, developments, and updates to the FSA website.

Press Conferences

July 6, 2018 Press Conference by the Minister for Financial Services (July 3, 2018) (Available in Japaneseopen new window)
July 5, 2018 Press Conference by the Minister for Financial Services (June 29, 2018) Japanese versionopen new window
July 5, 2018 Press Conference by the Minister for Financial Services (June 26, 2018) Japanese versionopen new window

Press Releases

(The following press releases are available in English)

International 

July 4, 2018 Basel Committee on Banking Supervision (BCBS) issued a technical amendment 'Basel III: Treatment of extraordinary monetary policy operations in the Net Stable Funding Ratio' open new window


Others

July 6, 2018 Stewardship Code : 229 institutional investors have signed up to the Principles for Responsible Institutional Investors as of July 3, 2018
July 6, 2018 Updated list of issuers of gift certificates in repayment procedures based on the “Payment Services Act”


(The following press releases are available in Japanese)

Councils

July 4 & 6, 2018 Publication of the agenda and handouts of the plenary meeting of the Business Accounting Council and the “Opinion on the Revision of the Audit Standards” (provisional English title) open new window
< Summary>
The FSA published the agenda and handouts of the plenary meeting of the Business Accounting Council which was held on July 5, 2018. Subsequently, on July 6, 2018, the Business Accounting Council published the “Opinion on the Revision of the Audit Standards” (provisional English title) that contains key opinions compiled by the said meeting.


Banks

July 6, 2018 Publication of the executive summary and handouts of the opinion exchange meeting with disabilities associations and financial institutions related associations (inclusive of bankers associations) open new window
< Summary>
The FSA published the executive summary and handouts of the opinion exchange meeting with disabilities associations and financial institutions related associations (inclusive of bankers associations) which was held on June 21, 2018.
July 6, 2018 Publication of the updated “Cabinet Office Order on Arrangement of the FSA-Related Cabinet Office Orders in accordance with the enforcement of the Act for Partial Revision of the Industrial Competitiveness Enhancement Act” open new window
< Summary>
The FSA updated the “Cabinet Office Order on Arrangement of the FSA-Related Cabinet Office Orders in accordance with the enforcement of the Act for Partial Revision of the Industrial Competitiveness Enhancement Act.” The updates pertain to the arrangement of provisions necessary in accordance with the enforcement of the Act and other relevant laws and regulations. The updates were enforced on July 9, 2018.
July 6, 2018 Publication of the updated regulatory notice and guidelines pertaining to the enforcement of the “Act for Partial Revision of the Industrial Competitiveness Enhancement Act, etc.” open new window
< Summary>
The FSA published the updated regulatory notice and guidelines pertaining to the enforcement of the “Act for Partial Revision of the Industrial Competitiveness Enhancement Act, etc.” The notice and guidelines were enforced on July 9, 2018.


Securities

July 2, 2018 Actual state of NISA (inclusive of Dollar-Cost Averaging NISA) and the progress state of the FSA’s initiatives taken toward the promotion of “Workplace Dollar-Cost Averaging NISA” open new window
< Summary>
The FSA has been taking initiatives toward the promotion of “Dollar-Cost Averaging NISA” in the anticipation that it would be widely accepted and commonly utilized from the perspective of further encouraging stable asset building of the household sector. In this regard, the FSA published an overview on the actual state of NISA (inclusive of Dollar-Cost Averaging NISA) and the progress state of its initiatives taken for “Workplace Dollar-Cost Averaging NISA” as well as other relevant materials.
July 2, 2018 Publication of “Statistics of NISA Accounts” as of March 31, 2018 open new window
< Summary>
The FSA published “Statistics of NISA Accounts” as of March 31, 2018. There were approximately 11.7 million NISA accounts in total, and approximately 14.0 trillion yen (approximately 125.7 billion USD) was invested through the NISA accounts. In addition, 11.1 billion yen (approximately 100.1 million USD) was invested through 510 thousand accounts of Dollar-Cost Averaging NISA (individual saving account for periodic investment) which has started since January 2018.


Others

July 6, 2018 Request for financial measures to deal with disasters caused by Typhoon No. 7 and a seasonal rain front (The Kōchi Local Finance Office of the Shikoku Local Finance Bureau) (July 6, 2018) open new window
< Summary>
The Kōchi Local Finance Office of the Shikoku Local Finance Bureau and the Bank of Japan’s Kōchi Branch issued a joint statement titled “Financial Measures to deal with disasters caused by Typhoon No. 7, 2018 and a seasonal rain front” to the relevant financial institutions. The statement requests financial institutions in Kōchi Prefecture to appropriately deal with victims of the disaster considering their circumstances, such as by making the repayment of deposits flexible.
June 29, 2018
July 4, 2018
Establishment of the “Study Group on Supervisory Approaches to Lending Practices” and publication of the agenda and handouts of its first meeting open new window
< Summary>
On June 29, 2018, the FSA established the “Study Group on Supervisory Approaches to Lending Practices” to discuss supervisory approaches towards lending practices including possible framework which enables financial institutions to reflect reasonable and supportable forecasts in the provisioning. The Study Group consists of academic experts, business practice experts, turnaround professionals, as well as representatives from financial institutions, the JICPA (Japanese Institute of Certified Public Accountants), the ASBJ (Accounting Standards Board of Japan), and the BOJ (Bank of Japan). The FSA serves as the secretariat. The FSA held the first meeting of the Study Group on July 4, 2017 and published the agenda and handouts.
July 4, 2018 Publication of a report titled “Reform of the JFSA” open new window
< Summary>
The FSA’s mission is to contribute to the national welfare by securing sustainable growth of national economy and wealth. For the FSA’s staff to accomplish its mission above, the FSA will reform its governance and culture. “Reform of the JFSA” outlines our commitment and plan to achieve the FSA’s operational excellence through these reforms.
July 3, 2018 Publication of an interim report titled “Financial Services in the Aging Society” (provisional English title) open new window
< Summary>
Based on the FSA’s “Strategic Directions and Priorities 2017-2018” published in November 2017, the FSA has analyzed the actual state of the rapid aging of society as well as circumstances and issues the retiring and retired generation are facing. The FSA has conducted interviews on these matters with academic experts, think tanks, financial institutions, and industry associations throughout the program year (July 2017 to June 2018). In this respect, the FSA has published an interim report titled “Financial Services in the Aging Society” (provisional English title) to outline such analysis conducted so far.
July 3, 2018 Publication of a report titled “Survey Results by a Third-Party Consulting Service Provider Pertaining to the FSA’s Monitoring Implementation Status from Financial Institutions’ Viewpoints” (provisional English title) open new window
< Summary>
The FSA sets out in its “Strategic Directions and Priorities 2017-2018” to introduce a third-party assessment on the FSA’s supervisory approaches by experts who are familiar with business improvement and governance for the quality improvement in the FSA’s financial administration such as in respect of working-level supervisory approaches inclusive of monitoring practices. In this regard, the FSA has entrusted Protiviti Inc. to conduct the assessment on the FSA’s monitoring practices through interviews with financial institutions, and thereafter has published a report titled “Survey Results by a Third-Party Consulting Service Provider Pertaining to the FSA’s Monitoring Implementation Status from Financial Institutions’ Viewpoints” (provisional English title) which reflects the results from the assessment.
July 2, 2018 The director-general level triparty liaison meeting among the National Police Agency, the FSA, and the Consumer Affairs Agency regarding virtual currency broker dealers open new window
< Summary>
On June 27, 2018, the National Police Agency, the FSA, and the Consumer Affairs Agency jointly held the director-general level triparty liaison meeting regarding approaches/measures taken so far toward virtual currency broker dealers, deemed-virtual currency broker dealers, and entities that are operating financial instruments businesses without proper registration.

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